Financial services: Global trends and insights from 2023
January 15th, 2024, Christien Pheby

Financial services: Global trends and insights from 2023

Throughout 2023, YouGov’s research has explored many topics and themes within the financial services sector. Here are some of the highlights of what we covered, including key themes like the cost of living crisis, money, technology uptake and more.

Money matters 

Earlier in the year, in the midst of a global inflation-induced cost of living crisis, we asked consumers around the world whether they expected their financial situations to get better or worse over 2023. A quarter (24%) said they anticipated that their situation would deteriorate, while three in ten (29%) said they thought it would improve; just a third (34%) said they expected no change at all. We’ll look to revisit this early into 2024, and see if members of the public are feeling more or less anxious about their finances compared to January 2023.

More recently, we explored how Britons feel about their personal financial security. While some 55% said they felt financially secure, three in ten (31%) said they did not. 

For our American readers, we asked whether consumers had enough in retirement savings – and how crypto-investment had held up in the wake of several major industry scandals (better than you might think). 

Banking behaviours 

YouGov also explored attitudes to banks and banking. In the UK, we asked about the FCA’s new Consumer Duty principle before it was implemented mid-year – and learned that a third of consumers (36%) found financial matters confusing, while half (48%) said banks weren’t giving them enough information to make informed decisions

We also hit on hot button topics like the government’s decision to lift the cap on bankers’ bonuses – finding that 63% opposed the decision – and Nigel Farage’s de-banking controversy with Coutts

In America, we polled mortgage holders about whether interest rate hikes had made them more or less likely to sell, and we found that daily smartphone banking had been on the rise since 2019.

On a global level, we  revealed that tech advances had not dislodged cash from the throne of payment options – and that it was still a popular payment option on international trips –  and that banks were actually outpacing other sectors in terms of consumer perceptions of the digital experience they offer. And if banks are spending a lot of money on marketing and advertising, consumer word of mouth is still a powerful driver when purchasing financial products.

Finally, there’s a perception that banks aren’t doing their bit for the environment: just one in five consumers think they’re working hard enough to diminish their eco-impact

…and more.

Our financial services content ranged across a number of themes and topics in 2023 – from whether consumers would be happy to receive cash for Christmas to how likely people are to actively change their insurance provider and more. You can see all of it here, and expect even more in 2024.